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corporate tax reforms should pt affect the tax right? by the way, why haven't you talked more in your campaign about the 20% tax cut and the corporate tax cut from 35 to 25%. supply sides have been critical of you and your running mate because you seemed to have back add way from the tax issue which even president obama believes would have stimulate the economy. >> i'm sitting here debating an able congressman. but the fact is, that president ro romney's plan is out there for everyone to see. they are on the record and he will implement for the purpose of creating boe ining growth. it is because you are running to help everybody. everybody that needs to get a job and people are suffering out there. >> what besides taxes. >> what besides taxes? >> give me something else? >> the most important thing is to get the private sector something else. people are on the sls out there. you know what, people have an uncertainty and i don't think we can afford another four years of interrupted jobs. >> president, i'm going to give you the last word. j
corporate tax reforms should pt affect the tax right? by the way, why haven't you talked more in your campaign about the 20% tax cut and the corporate tax cut from 35 to 25%. supply sides have been critical of you and your running mate because you seemed to have back add way from the tax issue which even president obama believes would have stimulate the economy. >> i'm sitting here debating an able congressman. but the fact is, that president ro romney's plan is out there for everyone to...
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federal income tax, state taels tax, gasoline tax, it added up to well over 50% of what they earned. and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent business has said that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do is i bring down the tax rates, lower deductions. lower deductions and exemptions to create more jobs. because there's nothing better for getting us to a balanced budget than having more people working, earning more money, paying more taxes. that's by far the mos effective and efficient way to get this budget balanced. >> jim, you may want to move on to another topic, but i would say this to the american people. if you believe that we can cut taxes by $5 trillion and add $2 trillion in additional spending that the military is not asking for, $7 trillion just to give you a sense over ten years that's more than our entire defense budget. and you think that by closing loopholes and deductions for the well to do somehow you will not end up picking up the ta
federal income tax, state taels tax, gasoline tax, it added up to well over 50% of what they earned. and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent business has said that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do is i bring down the tax rates, lower deductions. lower deductions and exemptions to create more jobs. because there's nothing better for getting us to a balanced...
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the income on payroll taxes stops at $110,000. >> it's a flat tax. >> it's actually a regressive tax. if you earn $500,000, you're not paying any payroll tax. it's ridiculous. >> assessing something you can't hardly assess, but this is when they all come back after the election, what in the hell is going to happen? how do you read it right now? what are the leaders saying? >> it all comes down to the presidential election, every party is waiting to see what happens and no one really knows, it's going to take real leadership. if anything's going to get done, it's going to be mitch mcconnell. >> this president's going to go over the fiscal cliff. >> what's going on? big tax cuts? big tax -- >> coming up next, my pal steve meister. are you expecting just as an ordinary person who writes the occasional column and follows the politics, do you think we're going have a big smacking huge tax hike after the election, do you think the so-called tax cliff we're all going to fall into it? >> we're at this fiscal cliff, obama is going to engage in this class warfare his entire four years and he ha
the income on payroll taxes stops at $110,000. >> it's a flat tax. >> it's actually a regressive tax. if you earn $500,000, you're not paying any payroll tax. it's ridiculous. >> assessing something you can't hardly assess, but this is when they all come back after the election, what in the hell is going to happen? how do you read it right now? what are the leaders saying? >> it all comes down to the presidential election, every party is waiting to see what happens and...
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lowest corporate taxes or among the highest corporate taxes in america? >> i'm -- >> highest corporate taxes in america right now, right? >> highest corporate tax rate in the world right now. >> it's not that much higher than our competitors. in fact, it's lower than many competitors. stop talking about the rates. >> that's not true. >> we know it's mislead. it's effective tax burden on corporations, which is well in line with our european and asian competitors. >> isn't it true that small businesses, which of course as we all know are the real creators of jobs, will pay the ordinary income tax? if you're going to raise ordinary income tax on people making more than $200,000, that's going to hit small businesses and choke off that part of the job creation. >> that's right, maria. the top individual tax rate have a huge amount of small business income. if romney would cut the top individual rate from 35 to 25%, for example -- >> which would help small business. >> small businesses would be benefitted by that. >> bill, that's something john thain said, the
lowest corporate taxes or among the highest corporate taxes in america? >> i'm -- >> highest corporate taxes in america right now, right? >> highest corporate tax rate in the world right now. >> it's not that much higher than our competitors. in fact, it's lower than many competitors. stop talking about the rates. >> that's not true. >> we know it's mislead. it's effective tax burden on corporations, which is well in line with our european and asian...
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Oct 9, 2012
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it has to do with tax reform and corporate tax reform. romney has the better plan but eliminates the extra territorial nature of the tax code. i'm a big fan of that policpoli. >> you don't have to love romney to know he is going to strangle and love all businesses. the current president we don't know that. >> i'm saying a romney victory i'm going to come out and say it, will raise the animal spirits that will been down. the cash flow has been out there. it is the psychology that is going to improve. >> it is that and the gradual recovery of the economy. we have been seeing a pick up. housing has better than bottomed and the banks are getting healthier. cni loans are up 3.5%. that is a leading indicator for consumer lending and that is very powerful in terms of having new leadership and more money for these companies to spend here. >> last 25 seconds when do we beat the old highs of 07? >> november 7th. my gosh, energy stocks and health care stocks. thank you very much. wonderful stuff. coming up tonight, what does chuck schumer think he i
it has to do with tax reform and corporate tax reform. romney has the better plan but eliminates the extra territorial nature of the tax code. i'm a big fan of that policpoli. >> you don't have to love romney to know he is going to strangle and love all businesses. the current president we don't know that. >> i'm saying a romney victory i'm going to come out and say it, will raise the animal spirits that will been down. the cash flow has been out there. it is the psychology that is...
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lowering tax rates by broadening the tax base works. and you can -- let me finish. >> you haven't given me the math. >> i don't -- it would take me too long to go through all of the math. >> i got to tell you, what did you think of that? i thought that was unbelievable. >> why? >> first of all, it was on fox which we all have views on what you think fox will do. second of all, i think he has no details. >> i don't agree with that. he sat on the set with us. >> they provided zero -- >> in this caught my attention so i decided to -- >> zero details. but more importantly, later in the tape, which we didn't get a chance to show, he says we're going to be able to keep charitable deductions, keep the mortgage deduction, keep the deduction on health care. and there is no way in a million years no matter who scores this including marty feldstein and others that would possibly suggest that this could be revenue neutral. >> it does if you broaden the base to 100,000. >> but that's not what he talked about on the show. and he refuses to say exactl
lowering tax rates by broadening the tax base works. and you can -- let me finish. >> you haven't given me the math. >> i don't -- it would take me too long to go through all of the math. >> i got to tell you, what did you think of that? i thought that was unbelievable. >> why? >> first of all, it was on fox which we all have views on what you think fox will do. second of all, i think he has no details. >> i don't agree with that. he sat on the set with us....
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this is a choice between tax cuts and tax hikes. you need to make that case. now i want to hear from our panelists in the kudlow caucus. former clinton white house aide, keith boykin. rick lazio, former republican congressman from new york. rick lazio, i begin with you, good evening to you. >> hello, larry. >> this is a gigantic audience, the key issue of our time is still the economy and jobs. so far mitt romney has not been able to make the sale. that's what the polls show. that's why this thing is close. why hasn't he and what's he going to do tonight differently than he's done in the past. >> i think he's going to make the contrast with president obama, why expanding the pie is in the national interest. not redistributing an ever slowing economy but expanding the pie so everybody gets a job that wants a job, people's salaries are rising. i think he needs to lay out the picture, paint the picture for the audience, frankly, larry, of what america would look like after four years of pro-growth policies. more kid graduating and getting jobs that they were trai
this is a choice between tax cuts and tax hikes. you need to make that case. now i want to hear from our panelists in the kudlow caucus. former clinton white house aide, keith boykin. rick lazio, former republican congressman from new york. rick lazio, i begin with you, good evening to you. >> hello, larry. >> this is a gigantic audience, the key issue of our time is still the economy and jobs. so far mitt romney has not been able to make the sale. that's what the polls show. that's...
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they've got to. >> low taxes, deregulation. >> where was the tax reform? let's stop right there. where was reince priebus, where's his tax reform? mitt was brilliant on lower tax rates, broadening the base. lower tax rates gives you incentives. to me that was a huge winner in the debate but i didn't hear that tonight. >> i think you also need to focus on small businesses. small businesses we know are going to be affected very badly by obama care and the obama care taxes. mitt romney made a point of talking about how small businesses file as individuals sometimes under the individual rate. so i think that reince, it would be in his best interest to really talk to these small business owners throughout the country. >> keith boykin, let's go to joe bid biden. a trillion dollar tax hike, he sounds like a good i de. 1.1 trillion deficit today. that all sounds like trickle down government, keith. big tax hikes and big deficits. >> joe biden was talking about letting the bush tax cuts expire for the wealthiest americans. and if you're serious about cutting the deficit, larry, you got to
they've got to. >> low taxes, deregulation. >> where was the tax reform? let's stop right there. where was reince priebus, where's his tax reform? mitt was brilliant on lower tax rates, broadening the base. lower tax rates gives you incentives. to me that was a huge winner in the debate but i didn't hear that tonight. >> i think you also need to focus on small businesses. small businesses we know are going to be affected very badly by obama care and the obama care taxes. mitt...
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he has an entitlement reform plan, tax plan, corporate tax plan, energy plan, trade plan. the president doesn't. and i think it really showed. he imagined he was going to get through this race simply by disqualifying romney. they almost did it during the summer. they came this close. >> hold on a second. >> i want to ask you something. the whole debate last night was obama saying no to romney's agenda. we all learned romney's agenda. nobody learned obama's agenda. now he's going back to negativism. this is a huge mistake. let me tell you something else romney did to get reaction. your man obama is going to have so much trouble. romney said to 68 million viewers, i can make a deal. i can go across the aisle like i did in massachusetts. in fact he even said about his tax reform plan, if you don't like the specific version let's talk about some other options. but you, mr. president, you couldn't make a deal. you had a deal, you broke the deal with john boehner. that's what the woodward book is all about. in other words, this is something independents love. i say clinton democ
he has an entitlement reform plan, tax plan, corporate tax plan, energy plan, trade plan. the president doesn't. and i think it really showed. he imagined he was going to get through this race simply by disqualifying romney. they almost did it during the summer. they came this close. >> hold on a second. >> i want to ask you something. the whole debate last night was obama saying no to romney's agenda. we all learned romney's agenda. nobody learned obama's agenda. now he's going...
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are definitely better than higher taxes. i don't dispute that. nobody disputes that. all else isn't equal. if you finance those tax cuts for the rich with huge amounts of debt as george w. bush did and as mitt romney is proposing, you're going to end up with slower growth. that's what we've got over the last ten years. there's no reason to believe any different. >> with we certainly have that over the last three years. >> exactly. >> let me ask you this, diana. >> pause, pause, pause. timeout. when the president took office, the economy was contracting by 9% annual. it's now growing. don't tell me the economy is growing slower than when the president took office. that's not true. >> in the last year and the year before. the last three years is what i'm referring to. >> the last three years we've had growth. i agree the growth hasn't been strong enough. >> right. diana, do you think we could see a 75% tax rate here if, in fact, the president gets re-elected? would what's happening in france carry over here? is it the same ide
are definitely better than higher taxes. i don't dispute that. nobody disputes that. all else isn't equal. if you finance those tax cuts for the rich with huge amounts of debt as george w. bush did and as mitt romney is proposing, you're going to end up with slower growth. that's what we've got over the last ten years. there's no reason to believe any different. >> with we certainly have that over the last three years. >> exactly. >> let me ask you this, diana. >> pause,...
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tax cuts. does he have to get specific? >> i think lara will ask that. >> he's got to do well. he's got to show well in this. i don't think ratcheting up expectation is good. i think what you want to do if you're getting ready for the debate is ratchet down expectation. i think he'll do fine. he needs to have a knockout. it doesn't need to be a decision. it needs to be a ko. >> how much of this debate is going to be about the economy and jobs and taxes tonight as opposed to education, health care, social issues, what have you? >> well, all those things matter, certainly when it comes to education, that's the future. i mean, the future generations will be -- will fail, rise, or fall based on education, so that's a very important building block for the country going forward. >> is that a building block for romney's campaign? >> it is. it's something he's talked about. he has an idea for americans and education that's very different from what president obama has been able to do. president obama wo
tax cuts. does he have to get specific? >> i think lara will ask that. >> he's got to do well. he's got to show well in this. i don't think ratcheting up expectation is good. i think what you want to do if you're getting ready for the debate is ratchet down expectation. i think he'll do fine. he needs to have a knockout. it doesn't need to be a decision. it needs to be a ko. >> how much of this debate is going to be about the economy and jobs and taxes tonight as opposed to...
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oil, taxes, the markets? the real impact a change in momentum could mean for your money. >>> after its big drop, oil bouncing back. we're going to drill, baby drill, on the energy sector and find out why one analyst is still bullish and where he put his money to work, and yours, too. >>> and what's with all the hating on big bird? keep on plucking that chicken, says romney. join us at the top of the hour. we'll be right back. one is for a clean, wedomestic energy future that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. >>> welcome back. what would a romney victory mean for the dollar? let's bring in andy bush, live from chicago. the dollar's weaker today, the stock market is higher
oil, taxes, the markets? the real impact a change in momentum could mean for your money. >>> after its big drop, oil bouncing back. we're going to drill, baby drill, on the energy sector and find out why one analyst is still bullish and where he put his money to work, and yours, too. >>> and what's with all the hating on big bird? keep on plucking that chicken, says romney. join us at the top of the hour. we'll be right back. one is for a clean, wedomestic energy future that...
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among the topics that generated the most heat, taxes. >> i don't have a $5 trillion tax cut. i don't have a tax cut of the scale that you're talking about. my view is that we ought to provide tax relief to people in the middle class. but i'm not going to reduce the share of taxes paid by high income people. high income people are doing just fine in this economy. they'll do fine whether you're president or i am. the people having the hard time are middle income americans. under the president's policy, middle income americans have been buried. they're being crushed. >> for 18 months he's been running on this tax plan. and now five weeks before the election he's saying that his big bold idea is never mind. and the fact is that if you are lowering the rates the way you describe, governor, then it is not possible to come up with enough deductions and loopholes that only affect high income individuals to avoid either raising the definite it or burdeneni ing the middle class. it's hamath. >> another hot topic, the deficit. >> it's now four years later, we still have trillion dollar
among the topics that generated the most heat, taxes. >> i don't have a $5 trillion tax cut. i don't have a tax cut of the scale that you're talking about. my view is that we ought to provide tax relief to people in the middle class. but i'm not going to reduce the share of taxes paid by high income people. high income people are doing just fine in this economy. they'll do fine whether you're president or i am. the people having the hard time are middle income americans. under the...
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that debt forgiveness is tax free. again, thanks to congress passing a tax relief act on short sales back in 2007. a congressional committee estimates that will cost close to $1 billion in lost revenue to the government. now, given that relief and the fact that banks are really pushing these short sales and doing themselves, the question is, do we really need government to keep funding these short sales, maria? >> diana, these are the questions we'll keep following. thanks so much. they ask, should the government get out of the housing business altogether? rick santelli thinks so. jason says this isn't the time to kill these programs. rick, make the case. >> well, my case is why doesn't the government just buy them all, all the houses that are out there in foreclosure, vacant, bulldoze them down, give the tax bill to future generations, boom. housing fix. just because it's expedient doesn't mean it's the right thing to do. what, we're going to give them a break on their principle and their income tax? the government ne
that debt forgiveness is tax free. again, thanks to congress passing a tax relief act on short sales back in 2007. a congressional committee estimates that will cost close to $1 billion in lost revenue to the government. now, given that relief and the fact that banks are really pushing these short sales and doing themselves, the question is, do we really need government to keep funding these short sales, maria? >> diana, these are the questions we'll keep following. thanks so much. they...
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they are focused on new tax, on capital gains basically, wants the capital gain to be taxed at the same level as salaries and that's the problem for young entrepreneurs because when you create a small company, you don't pay yourself a huge salary, and the only way to make money out of it, to be rewarded for your hard work is to resale your company some years later, if it's successful, of course. and in that case, if you sell your internet company for perhaps ten million euros, you will have to pay up to 60% in taxes. that's their own calculations. that's to compare with 32% right now. that's the reason why they've created this movement on the internet. 23,000 fans on facebook, more than 5,000 followers on twitter. i'm not sure they're going to convince the government, but at least they managed to put the debate on the table. >> thank you very much. >>> elsewhere, ag bar has been ground an extension on their major talks. the u.s. takeover panel has given the two companies until the end of the month to decide on a potential 1.3 billion pound tie-up. meanwhile, another deadline also looms
they are focused on new tax, on capital gains basically, wants the capital gain to be taxed at the same level as salaries and that's the problem for young entrepreneurs because when you create a small company, you don't pay yourself a huge salary, and the only way to make money out of it, to be rewarded for your hard work is to resale your company some years later, if it's successful, of course. and in that case, if you sell your internet company for perhaps ten million euros, you will have to...
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, zero tax returns i think. what did you find out, anything? >> billion in a prior story, not this story, when we looked at earmarks we did find earmarks that was very close to his undeveloped property. >> right, i saw a nice deal here on a land deal in 1998, 700 grand. anyway, just wondered. >> right, exactly. we have a whole host of stories that we've done that look more at this intersection between their duties and their personal assets and that's -- >> that's the best way, not with a couple of, you know, stock tips in congress. i like it ben they do the earmarks, where they buy something and then maybe check the former speaker, too. anyway, right? kimberly, thank you. appreciate it. >> thank you very much for having me. >> all right, see you. >>> oh, it's me. coming up, this morning's top stories set to foreboding music. the rails for the white house, both hitting the campaign trail. former governors face off in the issues and former hp boss carly fiorina, why she calls the board a serial dysfunction, and no
, zero tax returns i think. what did you find out, anything? >> billion in a prior story, not this story, when we looked at earmarks we did find earmarks that was very close to his undeveloped property. >> right, i saw a nice deal here on a land deal in 1998, 700 grand. anyway, just wondered. >> right, exactly. we have a whole host of stories that we've done that look more at this intersection between their duties and their personal assets and that's -- >> that's the...
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is this a buy and do you think the mlp distributions will be taxed if the tax credits expire in 2013? >> i'm going to take them backwards. i think the tax credit is going to be fine. enterprise partners is terrific. and i'm torn playing hernandez. let's go to vince in california. vince? >> caller: boo-yah, cramer. >> boo-yah. >> caller: talk to me about uhn? >> i have to tell you, i believe in this company. i think it's one of the best. i also want to reiterate that i think that the health care reits represent the best value right now in the real estate investment trust group. may i just mention one second, hcn, i think that stock is still cheap at $59. i want to go to jack in pennsylvania. jack? >> caller: good afternoon, jim. this is jack from bucks county, pennsylvania, calling. i'm interested in wprt, westport innovations. i bought it maybe six months ago and have seen it go from approximately $18 to $50, back down to the high 20s or so. >> speculative situation. recommended today by a major firm. this is a company that makes natural gas engines for trucks and railroads. i believe
is this a buy and do you think the mlp distributions will be taxed if the tax credits expire in 2013? >> i'm going to take them backwards. i think the tax credit is going to be fine. enterprise partners is terrific. and i'm torn playing hernandez. let's go to vince in california. vince? >> caller: boo-yah, cramer. >> boo-yah. >> caller: talk to me about uhn? >> i have to tell you, i believe in this company. i think it's one of the best. i also want to reiterate...
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taxed more. obama said they're more like donald trump and they should pay more. >> i'm not going to reduce the share of taxes paid by high-income people. high-income people are doing just fine in this economy. they'll do fine whether you are president or i am. >> after the trash talk on donald trump, obama attacked -- >> they're all a bunch of millionaires and billionaires who are small businesses. donned trumps is a small business. i know donald trump doesn't like to think of himself as small anything, but that's how you define small business, if you are getting business income. >> that's the right sound bite. after that sound bite, obama then attacked jet owners saying if you have a private jet you should be taxed more. even romney, he's pretty wealthy himself, he refused to come to the support of the wealthy. skip that sound bite i guess. of course, no one should feel sorry for the rich. let's save our tears for poor big bird. but the debate showed both sides are really trying to distance them
taxed more. obama said they're more like donald trump and they should pay more. >> i'm not going to reduce the share of taxes paid by high-income people. high-income people are doing just fine in this economy. they'll do fine whether you are president or i am. >> after the trash talk on donald trump, obama attacked -- >> they're all a bunch of millionaires and billionaires who are small businesses. donned trumps is a small business. i know donald trump doesn't like to think of...
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will need to pay more in taxes. that would be economic patri patriotism. it was a good day on wall treat. the dow jones still up 80 points today. finishing at 13575. and the s&p 500 tonight finishing at 1461 on the standard and poors at 500. thank you to larry fink. i'll see you tomorrow on the closing bell. have a great night. see you tomorrow. >> a
will need to pay more in taxes. that would be economic patri patriotism. it was a good day on wall treat. the dow jones still up 80 points today. finishing at 13575. and the s&p 500 tonight finishing at 1461 on the standard and poors at 500. thank you to larry fink. i'll see you tomorrow on the closing bell. have a great night. see you tomorrow. >> a
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>> you get rid of obama care and 3.8% tax on investment income and get the tax on medical device makers, larry. >> i will bet you $20 right now. i'll make a romney $10,000 bet that obama care is not repealed. >> i'll bet you it will be repealed, but i'll buy a gift for your new daughter. >> thank you. >> if romney wins, which was not expected a week ago but is now more expected, if he wins what is the stock market impact? is it greater than earnings and the federal reserve? how do you assess a romney victory? >> what becomes important is the effect on capital gains and dividend taxes. we as investors view asset investments on an after-tax basis. they make those particular investments more attractive, and we saw this with respect to to t cool stocks. >> the average small business has 2.5 employees, the average is over 5. small businesses get a boom in that. >> i don't disagree with what you're saying but i focus on the tax policy. >> they'll go sky high if romney loses and skier higher because of obama care. >> that said, just to repeat, i disagree. >> all detriments to growth. >> detrim
>> you get rid of obama care and 3.8% tax on investment income and get the tax on medical device makers, larry. >> i will bet you $20 right now. i'll make a romney $10,000 bet that obama care is not repealed. >> i'll bet you it will be repealed, but i'll buy a gift for your new daughter. >> thank you. >> if romney wins, which was not expected a week ago but is now more expected, if he wins what is the stock market impact? is it greater than earnings and the federal...
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get the tax cuts out there. i want the tax cuts. >> we were just talking to john taylor. i asked whether or not he believed romney was being specific enough about the economic plan because thought is the knock he has been getting and professor taylor said he has been extremely specific. do you think this campaign can gain traction and win this thing if they believe they are specific enough with their plans. >> john taylor is a great american and one of my heroes and mentors. i don't think they are quite as specific as they could. you know how to sell something. you want to sell something. if one of your great panelists has a stock or a position or an idea you got to sell it. not just once. you don't whisper it. covering several shows. you have to sell the thing. second point talk about middle class take home pay going up. joe biden was up. the middle class income has been buried. and third here is the tricky point. i don't want to see the tax deductions taken away from the middle class. i want it removed for the upper income people because they are going for 35 to 28%. th
get the tax cuts out there. i want the tax cuts. >> we were just talking to john taylor. i asked whether or not he believed romney was being specific enough about the economic plan because thought is the knock he has been getting and professor taylor said he has been extremely specific. do you think this campaign can gain traction and win this thing if they believe they are specific enough with their plans. >> john taylor is a great american and one of my heroes and mentors. i don't...
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gains taxes. >> if there ever was any. >> people are furious. all of the wealthy executives petitioned for higher taxes and said please, it was warren buffett like in some ways, we deserve to pay higher taxes, we get it, want to do it and they're freaking out, real estate prices are plunging. >> what did they expect taxes were going to go -- >> their highest marginal rate was 41%, they thought maybe it goes to 45, 50, 55. >> went to 75. >> but it's the capital gains which is killing people. if you're an entrepreneur you're not starting your company there and they're already starting to backtrack on that and the other piece of it is hollande's administration -- >> starting to backtrack. >> 75% is just for two years or they say just for two years. perhaps the more interesting story though this morning -- >> instead of the bush tax cuts. >> swan vomit lake, that is what lady gaga is calling it, this is sort of gross. ♪ people are eating their breakfast now. do not look, if you want to look, see it on the internet yourself but we're not going to s
gains taxes. >> if there ever was any. >> people are furious. all of the wealthy executives petitioned for higher taxes and said please, it was warren buffett like in some ways, we deserve to pay higher taxes, we get it, want to do it and they're freaking out, real estate prices are plunging. >> what did they expect taxes were going to go -- >> their highest marginal rate was 41%, they thought maybe it goes to 45, 50, 55. >> went to 75. >> but it's the...
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. >> there fore, a willingness to for example, allow taxes to rise to do a deal? >> maybe -- yeah, exactly. maybe a little bit more willingness to do a deal, more awareness of the real world financial market implication of what they are talking about barack obama might be in a dealmaking, he is thinking about his legacy and kick off his second term. >> hope they do a deal eamon, thank you very much. >>> you might think silicon valley is thousands of miles away from the political action in d.c. but new technology and new companies are having a big impact on this year's political races. cnbc's julia bore citizen joins wuss a look at what they are doing and how they are trying to, julia to cash in. over to you. >> well, simon, some of facebook's biggest backers, sean parker, ben who are wits and peter thiel are betting that it can change politics the way facebook changes the people interact. who a horowitz and packer are on a board of a company that sell seles communication via e-mail . >> general purpose, prime-time software product and deliver at this to the market
. >> there fore, a willingness to for example, allow taxes to rise to do a deal? >> maybe -- yeah, exactly. maybe a little bit more willingness to do a deal, more awareness of the real world financial market implication of what they are talking about barack obama might be in a dealmaking, he is thinking about his legacy and kick off his second term. >> hope they do a deal eamon, thank you very much. >>> you might think silicon valley is thousands of miles away from...
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because the dividend are taxed at 5% here in italy. so it looks like that went on from 2004 to 2009, so that's a long period of time in which what was accumulated was a fraud of 245 million euros. the trial is expected to begin today. it's been postponed to 11:30. it's not expected that alleghs is an droe will show up. he was ousted from unicredit with a 40 million euro package and of course a lot of scrutiny on what he had done. he had done very well and became sort of a superstar banker, and really strengthened unicredit, but then in the last years was being scrutinized for mergers at the end of his tenure and of course the crisis that hit post lehman. so he's taken on that position and apparently it was more just a guarantee position and now he wants more powers. on the 9th of october, he is asking to be allowed to sell assets and also to become involved in management decisions. and of course you are of course getting public opinion that is concerned about a banker that after so much scrutiny is actually going to be taking on so muc
because the dividend are taxed at 5% here in italy. so it looks like that went on from 2004 to 2009, so that's a long period of time in which what was accumulated was a fraud of 245 million euros. the trial is expected to begin today. it's been postponed to 11:30. it's not expected that alleghs is an droe will show up. he was ousted from unicredit with a 40 million euro package and of course a lot of scrutiny on what he had done. he had done very well and became sort of a superstar banker, and...
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vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. [ male announcer ] fedex office. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has
vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did...
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and they're going to see higher taxes. that's a lump of coal for any anniversary. rather than focus on the negatives in alcoa, focus on the fact they have asian exposure, european exposure. focus on the positives. financial engineering is back in this market. some of the parts for a company like alcoa exceed the value. >> you're making excuses for alcoa even before the ceo comes on. i like that. bob, what do you make of the action? put it in perspective, five years compared to now. >> the dow jones industrial average went from 1500 to 750. that was cut in half. that certainly was a disaster. >> you mean the s&p? >> the s&p, excuse me, bill. nonetheless, bottom line is holding on from that point to here, you can say, yeah, does buy and hold still work? that's what everybody's interested in. i think the evidence is it certainly does, but you have to have long periods of time to look at it. i'm not so impressed that we're not anywhere where we were 12 years ago. if you invested on a regular basis from now through the bottom, i think you'll find you have not done so ba
and they're going to see higher taxes. that's a lump of coal for any anniversary. rather than focus on the negatives in alcoa, focus on the fact they have asian exposure, european exposure. focus on the positives. financial engineering is back in this market. some of the parts for a company like alcoa exceed the value. >> you're making excuses for alcoa even before the ceo comes on. i like that. bob, what do you make of the action? put it in perspective, five years compared to now....
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the $4 billion is that tax subsidies for oil companies, because oil companies has the same tax structure as a manufacturing company in the united states. that's it. and i don't quite understand. we talk about oil companies making too much money. obama does. he consistently talks about that. he never mentions that apple is the largest company in the united states, larger than exxon. and i don't think there's anything wrong with apple either. i don't think there's anything wrong with any of the manufacturing or the oil and gas industry in the united states. i think they're trying to do the best job they can and doing a pretty damn good job. but i'm not one that believes they should be taxed more. >> boone, thank you. i know your cowboys and my hokies are both having rather disappointing seasons so we'll just leave it at that so have a great weekend. >> well wait a minute! we got a bad call. >> bad call! you have no replacement refs in college, boone. >> did you see what happened to us on the last -- >> i'm just saying you're not undefeated and the hokies stink. >> but you hate to have a ba
the $4 billion is that tax subsidies for oil companies, because oil companies has the same tax structure as a manufacturing company in the united states. that's it. and i don't quite understand. we talk about oil companies making too much money. obama does. he consistently talks about that. he never mentions that apple is the largest company in the united states, larger than exxon. and i don't think there's anything wrong with apple either. i don't think there's anything wrong with any of the...
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vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? ♪ ♪ ♪ [ male announcer ] introducing a reason...to look twice. introducing a stunning work of technology -- the entirely new lexus es. and the first-ever es hybrid. this is the pursuit of perfection. >>> we have got lots of sunshine today for a stock off nearly 70% year-to-date. talking about spectrum brands, very fitting name for sunshine. shares of the consumer products company soaring about 12%, in a deal to buy the hardware and home improvement group of stanley black & decker. the price tag? $1.4 billion in cash. >>> netflix had a rather amazing month, up about 18%. but it is our disaster du jour, which is redundant, a day after getting an upgrade, bank of america merrill lynch downgrades with as 72 target price a company called consumer edge commenting saying membership lovers -- membership number
vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? ♪ ♪ ♪ [ male announcer ] introducing a reason...to look twice. introducing a stunning work of technology -- the entirely new lexus es. and the first-ever es hybrid. this is the pursuit of perfection. >>>...
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should we have tax reform?
should we have tax reform?
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there are other things, marketing, taxes, things like that. we don't know the cause but we know one thing, the oil companies fully integrated make more money when the price of gasoline is higher. so, it's certainly more than coincidental that the price of gasoline stays higher longer than the price of oil. there's no evidence to show that there's something -- that there's a legitimate effort by oil companies to keep gasoline prices higher. it is certainly suspicious and certainly profitable for the oil companies. >> sterling, what's going to get gas prices down? that's all people care about. they keep hearing oil prices are going down, yet they drive to the pump and pay $4.50 or $5 a gallon? >> well, you can work three end of it. you can work it, supply. you can work on demand. and we're doing both of those. and you can work it volatility, which is a huge, huge factor. as i said, gas -- most of the retailers in my area are independent retailers. they don't lock in long-term or can't lock in long-term oil/gasoline contracts. >> but how much --
there are other things, marketing, taxes, things like that. we don't know the cause but we know one thing, the oil companies fully integrated make more money when the price of gasoline is higher. so, it's certainly more than coincidental that the price of gasoline stays higher longer than the price of oil. there's no evidence to show that there's something -- that there's a legitimate effort by oil companies to keep gasoline prices higher. it is certainly suspicious and certainly profitable for...
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overhaul of the tax system. so the answer is some of everything. so the ways to do it could choke off economic recovery, but there are ways to do it that are smart that would help promote economic growth. the first step is not to go off the fiscal cliff, but also not to punt. instead replace that with the beginning of a sensible plan. we'll need to save $4 trillion to $5 trillion over the next part of of the year and we need to look at every part of the budget to do that. >> to not go off the cliff at the end of the year, what are the chances that after the election you tilly get some kind of agreement sni? i was speaking to john mccain and he said don't expect noticing happen. you seem to think something can happen. why? >> i wake up pretty much every day and i update my probabilities on how likely that we'll go off the cliff. and i think that we won't. it's unmachblgable that this country as partisan as things are that policymakers wouldn't be able to come to some kind of an agreement to avoid knowingly lettin
overhaul of the tax system. so the answer is some of everything. so the ways to do it could choke off economic recovery, but there are ways to do it that are smart that would help promote economic growth. the first step is not to go off the fiscal cliff, but also not to punt. instead replace that with the beginning of a sensible plan. we'll need to save $4 trillion to $5 trillion over the next part of of the year and we need to look at every part of the budget to do that. >> to not go off...
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income taxes hit the rich. property tax increases hit everyone that owns property. it's going to get worse before it gets better in chicago. >>> all right. a french bank is selling a greek bank for one euro that it bought for $2.2 billion euros in 2006. >> it is the bank that would stand to lose the most. obviously it wants to reduce its exposure to greece at this stage. that bank we're talking about here to be sold for one euro is their greek unit. this is a bank that has not made a profit since 2006 when it was bought. i believe -- actually, that's wrong. there was one year in 2007 when it made a profit. this has basically been a bad investment. >>> okay. last chance to win in our street poll. who has a better chance of winning, mitt romney or the jets? we wlr have some results in. we're going to read them later on. don't go away. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd
income taxes hit the rich. property tax increases hit everyone that owns property. it's going to get worse before it gets better in chicago. >>> all right. a french bank is selling a greek bank for one euro that it bought for $2.2 billion euros in 2006. >> it is the bank that would stand to lose the most. obviously it wants to reduce its exposure to greece at this stage. that bank we're talking about here to be sold for one euro is their greek unit. this is a bank that has not...
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it now takes in more gambling tax money than nevada. indiana, new york and louisiana all rake in more than half a billion a year. nationally kw lly gambling is $ billion a year in revenues but 8 $8 billion in taxes. took 3,500 construction workers to build this place. 2,000 casino workers staff it. obviously it is a big deal in terms of job creation. now there are indirect jobs, too, expected to be built around this facility because they want to build up the area. now the biggest question is supply/demand. new jersey's been absolutely cannibalized by what they've added in mad added in pennsylvania. next spring they'll open their fourth casino. eventually they'll open one of these things and it is not going to do well, but right now there is a demand for it. >> it is definitely hopping there. brian schactman, have a good time. spend some money. >>> so are casinos a good bet for a community? for your community perhaps? joining us, jim rubens, chair of the granite state coalition against expanding gambling. on the cnbc news line, judy patt
it now takes in more gambling tax money than nevada. indiana, new york and louisiana all rake in more than half a billion a year. nationally kw lly gambling is $ billion a year in revenues but 8 $8 billion in taxes. took 3,500 construction workers to build this place. 2,000 casino workers staff it. obviously it is a big deal in terms of job creation. now there are indirect jobs, too, expected to be built around this facility because they want to build up the area. now the biggest question is...
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and so, of course he's in favor of higher taxes. yesterday the vice president blurted out the truth. he said in fact they do want to raise taxes a trillion dollars. i don't want to raise tax on any americans because i want to create good jobs in america. now, i take america in a very different direction. first of all i want to make sure that our policies encourage job growth and i have five things i'll do, you've heard me describe them time and again. but five things i'll do that will get jobs growing in this country again and growing right here in this part of virginia as well because number one on my list is to take full advantage of all our energy resources, our oil, coal, gas, our nuclear, our renewables. and i know you care a lot more about coal than the other ones i mention sod let me remind you that when the president was running for office, he said that if you built a new coal fire plant why you go bankrupt. and the head of the epa has also said that the regulations on burning coal are now so stringent it's virtually impossi
and so, of course he's in favor of higher taxes. yesterday the vice president blurted out the truth. he said in fact they do want to raise taxes a trillion dollars. i don't want to raise tax on any americans because i want to create good jobs in america. now, i take america in a very different direction. first of all i want to make sure that our policies encourage job growth and i have five things i'll do, you've heard me describe them time and again. but five things i'll do that will get jobs...
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in terms of the weight in tax cuts, warnings coming from hp and informatica. dell among those tech stocks hitting a 52-week low but dell has bounced at this hour. biotech continues very strong movement continuing to move higher. amgen, all-time highs today after a little bit of profit taking. >> thank you very much, bertha. >>> rick santelli is tracking action at the cme. >> hi, sue. you talk about compression, you talk about squeezing the spring. look at the 24-hour charted 10 47b year no year note. this looks to be the eighth -- eighth -- session we're going to settle in a tight range between a $1.61 and a 1.66% yield. look at the bund. similarly affected by the draghi press conference and this could be the seventh day -- get this, the seventh day bund yields close between 1.44%. actually it is closed. between 1.44% and 1.46%. we're talking two basis points. you can see what the euro thought. it is getting ready for that bazooka to get fired. if you look at dollar, it is down against every major currency. remember yesterday we talked about selling the dollar
in terms of the weight in tax cuts, warnings coming from hp and informatica. dell among those tech stocks hitting a 52-week low but dell has bounced at this hour. biotech continues very strong movement continuing to move higher. amgen, all-time highs today after a little bit of profit taking. >> thank you very much, bertha. >>> rick santelli is tracking action at the cme. >> hi, sue. you talk about compression, you talk about squeezing the spring. look at the 24-hour...
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because they already don't pay taxes. mitt romney is showing time and time again that he's going to be the president of the whole country and his plan really speaks to that both on economy, foreign policy and other points about so that there is no question this debate is important, but also you are right, there's a long time left. there's two jobs reports that are left. about 33, 34 days that are left in this campaign. it's a long time. but what you saw going into this debate are polls tightening in florida, in ohio, all across the board in the battleground states. and this will build on that momentum. and when the jobs report comes out, there will not be a positive jobs report by all expectations from president obama that will again build on that momentum and add to mitt romney really getting toward november 6th with full steam ahead. but there are two debates left. it's important for mitt romney not to have a let down in the next debate which is more of a town hall structure. and that bodes well for president obama. but
because they already don't pay taxes. mitt romney is showing time and time again that he's going to be the president of the whole country and his plan really speaks to that both on economy, foreign policy and other points about so that there is no question this debate is important, but also you are right, there's a long time left. there's two jobs reports that are left. about 33, 34 days that are left in this campaign. it's a long time. but what you saw going into this debate are polls...
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i forgot which one. >> the one with the payroll tax extension. the unemployment claim extens n extension. >> well, that's one and you no what he? if they were batting in the major leagues they'd be off the team right quick. we need to put job creation first. >> we all agree with that. we don't want to talk about the pipeline or the nlrb then, that's for sure. >> we can talk about any number of things including the fact that domestic energy production is way up under president obama. >> we heard about that in the debate in spite of instead of because of. >> not in spite of. the fact of the matter is president obama has reduced our dependence on foreign oil over these last few years, we've seen jobs created in the solar industry, in green industries. our state ranks fourth among the 50 states in terms of the number of jobs in the green sector so there are things we can and must do in order to make this recovery happen more quickly. but the fact of the matter is, not since 2005 have we had 30 months in a row of private sector job growth. we're seein
i forgot which one. >> the one with the payroll tax extension. the unemployment claim extens n extension. >> well, that's one and you no what he? if they were batting in the major leagues they'd be off the team right quick. we need to put job creation first. >> we all agree with that. we don't want to talk about the pipeline or the nlrb then, that's for sure. >> we can talk about any number of things including the fact that domestic energy production is way up under...
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the tax regime is negative. we don't know how much it is going. valuations are in a zone of what i call fair, and we have election uncertainty. i'm looking for a change, but it doesn't look like the change i'm rooting for. >> your insights are always welcome on this program, mr. cooperman. thank you for coming up. >> thank you. >> joe, thank you for coming in. mark cuban will stick with us as well. it's not just the individual investor getting hurt. how high-speed trading affects the institutions. we'll hear from the ceo of liquid net. halftime will be right back. ov. small in size. big on safety. greetings from the people here sure are friendly but some have had a hard time understanding my accent. so to make sure people get every word of the geico savings message i've been practicing how to talk like a true chicagoan. switching to geico could save you hundreds of dollars on car insurance... da bears. haha... you people sure do talk funny. geico®. fifteen minutes could save you fifteen percent or more on car insurance. governor of getting it don
the tax regime is negative. we don't know how much it is going. valuations are in a zone of what i call fair, and we have election uncertainty. i'm looking for a change, but it doesn't look like the change i'm rooting for. >> your insights are always welcome on this program, mr. cooperman. thank you for coming up. >> thank you. >> joe, thank you for coming in. mark cuban will stick with us as well. it's not just the individual investor getting hurt. how high-speed trading...
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they have to take the carpet tax up before the carbon tax. >> i gotcha. >> the carpet tax. >> animal crackers? >> no, no. >> duck soup? oh, man, is that terrible. >> part of the imf forecast, jim, bringing the numbers down for the global economy has been austerity does not work. >> it doesn't work. but that's paul crudeman who says it. i pet you paul crudeman believes in the 7.8 number, the big phony number. i bet you crudeman believes in it. how is that the focus of the discourse? i'm trying to make it alcoa. look, the imf is saying the obvious. the world bank is saying the obvious. if you continue to call for austerity you can't get growth. it's like, look, you want growth or want austerity. lyndon johnson, guns and butter equals inflation. if you just -- they are not doing guns or butter. if they are not doing margarine, they aren't doing machine guns. >> then you start again but they can't do that. >> we are devalued better than they are devalued. >> you would think we would be but the dollar is much stronger given anticipation of where rates are. >> true enough. stock specific s
they have to take the carpet tax up before the carbon tax. >> i gotcha. >> the carpet tax. >> animal crackers? >> no, no. >> duck soup? oh, man, is that terrible. >> part of the imf forecast, jim, bringing the numbers down for the global economy has been austerity does not work. >> it doesn't work. but that's paul crudeman who says it. i pet you paul crudeman believes in the 7.8 number, the big phony number. i bet you crudeman believes in it. how is...
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that would definitely raise taxes on some taxpayers, even if romney's able to bring the overall tax rates down, which he says he wants to do. who gets hurt in this scenario? people with huge mortgages. people who donate a lot of money to charity and people who have overall high deductions. they might lose more here than they gain by the rates being lowered overall. that is who's going to get squeezed under this proposal but the romney campaign saying not a specific idea, just kicking around things verbally in the debate. >> amman, thanks. john, what should president obama's objective be? >> he has the same agenda with any football team that has a lead late in the game. don't turn the ball over. he doesn't need to score. he doesn't need to move the ball. he just needs to prevent from the kind of catastrophic mistake that has occurred from time to time in presidential debates. not often. and president obama's not prone to mistakes very often. so he's got a low bar for what he wants to accomplish. we do know that a challenger merely by taking the stage with an incumbent president sell vated
that would definitely raise taxes on some taxpayers, even if romney's able to bring the overall tax rates down, which he says he wants to do. who gets hurt in this scenario? people with huge mortgages. people who donate a lot of money to charity and people who have overall high deductions. they might lose more here than they gain by the rates being lowered overall. that is who's going to get squeezed under this proposal but the romney campaign saying not a specific idea, just kicking around...
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but, you know, looking at discretionary budget, looking at taxing at our tax policy, there's a lot that can be done right now and we want to provide some of those options. >> some people say the results of sequestration, it's actually not a bad thing. because it will sort of focus our priorities, getting the country's debt and deficit under control. what do you think about that? >> well, sequestration cuts the good along with the bad. not everything government does is wasteful. not everything government does is good. go after the wasteful first, go after the policies which we know don't achieve the goals they were set out to meet. we don't think sequestration -- sequestration was set up as a threat, such a horrible threat that it would force congress to act and hasn't forced congress to act yet. we hope it will in the lame duck, that they'll take thoughtful steps by going after wasteful programs first. >> you're right. it hasn't gotten them to act yet. ryan, good to talk to you. thanks so much. >> thanks so much for having us. >> see you soon. "fast money" begins at the top of the hour.
but, you know, looking at discretionary budget, looking at taxing at our tax policy, there's a lot that can be done right now and we want to provide some of those options. >> some people say the results of sequestration, it's actually not a bad thing. because it will sort of focus our priorities, getting the country's debt and deficit under control. what do you think about that? >> well, sequestration cuts the good along with the bad. not everything government does is wasteful. not...
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part of this is an exponentially higher tax rate. but former governor ed rendell justifies all of it. >> we love to gamble, we love to bet. ed rendell can't stop it. barack obama can't stop it. mitt romney can't stop it. so if we can't stop it, let's make the best of it, make sure it's regulated well, make sure it's taxed robustly and make sure those dollars go to a good purpose. >> reporter: initially that 55% tax rate in pennsylvania was to go to give property tax relief for senior citizens, great political move for rendell. here in ohio, a chunk will go to the host city, columbus, ohio. a chunk goes to the state and there are slices that go to every county in ohio. it's obviously going to mean millions in taxes for the state of ohio. another one opens in cincinnati, carl, next spring. back to you. >> judging from the fact that it's probably 9:30 there in the morning -- i don't know if you're east coast. but behind you, brian, people are already lining up. you can see revenue being generated right there. >> reporter: they expect --
part of this is an exponentially higher tax rate. but former governor ed rendell justifies all of it. >> we love to gamble, we love to bet. ed rendell can't stop it. barack obama can't stop it. mitt romney can't stop it. so if we can't stop it, let's make the best of it, make sure it's regulated well, make sure it's taxed robustly and make sure those dollars go to a good purpose. >> reporter: initially that 55% tax rate in pennsylvania was to go to give property tax relief for...
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and then after tax returns being low. what he basically says, he computes the percentage change of stock prices that you can expect in stocks with the dividend yields and the bottom line he says i may be overly pessimistic t scares me. i am planning for the eventual change january 1, 2013, and as a result i continue to prune his portfolio he says and shifting money away from the large dividend paying stocks and to the non-dividend paying stocks total return. the point is very simple. everybody is one direction on this. chasing yield in the high dividend paying stocks, today it doesn't matter what the tax changes will be. you hear it all the time on cnbc. i was reading this. this makes a point that, yes, there are a lot of non-tax paying investors who buy these dividend paying stocks and there is a lot of actual investors doing it as well. be aware that this will have an impact and i do think it will start to factor in the fourth quarter here even though the central banks are dominating today. >> i was going to say a lot o
and then after tax returns being low. what he basically says, he computes the percentage change of stock prices that you can expect in stocks with the dividend yields and the bottom line he says i may be overly pessimistic t scares me. i am planning for the eventual change january 1, 2013, and as a result i continue to prune his portfolio he says and shifting money away from the large dividend paying stocks and to the non-dividend paying stocks total return. the point is very simple. everybody...
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a tax reform only happens if romney wins. mlp's are at greater risk if you have an all republican washington. the one thing that the republicans on the right care about is lower rates and a broader base. >> thank you for your time. up next a food stock that has been serving up products. what new projects the company has cooking. >>> we have gotten a story you can sink your teeth into. i didn't write that. well, you know, it is already out there. the company has reports 7 straight upside earning surprises. joining us is the ceo. i understand that you are about to report your earnings shortly. so you are in a quiet period. what can you tell us. >> business is good. consumption numbers are up double digit. eating healthy and i've said it on the show before is not a fad or a trend. we have prop coming up. 98% of hain's products are free. we introduced a how much or bpo food. you squirt it off into the bowl for kids. there is so much out there today. i just saw numbers where more an more consumers are eating at home. business is s
a tax reform only happens if romney wins. mlp's are at greater risk if you have an all republican washington. the one thing that the republicans on the right care about is lower rates and a broader base. >> thank you for your time. up next a food stock that has been serving up products. what new projects the company has cooking. >>> we have gotten a story you can sink your teeth into. i didn't write that. well, you know, it is already out there. the company has reports 7 straight...
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Oct 8, 2012
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they get jobs, they get tax revenue and they have a casino on a property that was actually abandoned. the question we want to ask on "fast money," what's in it for pen national gaming, ticker pnn. they had had to pay a $50 million license fee. $400 million to get in here. 53% of their revenues, that's their tax rate, yet they're here and they're happy about it. >> we think we're going to make a nice living here in central ohio. as i said before, there are only two casinos here serving 1.5 million people. as we look at the metrics and do the market analysis, we think this is going to be a very good return for our shareholders. >> reporter: this is the third ohio casino open in the last year. penn owns one, caesars owns another and will open one in cincinnati next spring. pen market cap around $3 billion. czr, one-third of that size. they're obviously competing for these non-traditional markets in this country. if you think vegas and macao are positive trades, take a look. there's valley technologies and wms industries, third is aristocrat out of australia. he he said that space is so c
they get jobs, they get tax revenue and they have a casino on a property that was actually abandoned. the question we want to ask on "fast money," what's in it for pen national gaming, ticker pnn. they had had to pay a $50 million license fee. $400 million to get in here. 53% of their revenues, that's their tax rate, yet they're here and they're happy about it. >> we think we're going to make a nice living here in central ohio. as i said before, there are only two casinos here...
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he's just not honest on either the tax side or the revenue side. but, look. i used to work at boston consulting group, too. mitt is a great presenter, and he made a good presentation last night. >> and i assume you have thoughts on -- and i don't want to get too much into the style because that is all anyone's talking about today. but you must have some explanation for why the president appeared the way he did and why he chose to leave out some bullet points that he could have pulled out of his pocket. >> sure, look. i think the president focused on the facts and focused on his accomplishments and his plans for the future. and he was very factual in what he did. and as many people have said, when you're the attacker and you don't have a program of your own or a set of accomplishments of your own, it makes it a lot easier, and that's what mitt romney focused on. you know, i'm not the president's speech strategist, but i am a guy who focuses on facts. and i think fundamentally when you clear away what happened last night, the facts haven't changed, which is tha
he's just not honest on either the tax side or the revenue side. but, look. i used to work at boston consulting group, too. mitt is a great presenter, and he made a good presentation last night. >> and i assume you have thoughts on -- and i don't want to get too much into the style because that is all anyone's talking about today. but you must have some explanation for why the president appeared the way he did and why he chose to leave out some bullet points that he could have pulled out...
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Oct 9, 2012
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because it would be tax free. and then secondly do you back yourself as an employee to say i'm never going to -- i can always get a job somewhere else. >> would you take the shares or the protection? >> if i believed in the business i was working in and i thought that it was -- yeah, i'd take the shares. >> well, i do want to know what you would think about this. what would you take? >> i work for a very good corporate bank and i would definitely take the shares. the problem with the proposal is it sounds like it's most relevant for employees in really big corporates. >> yeah, how many people are that. >> and if you're looking at small companies or start ups, how relevant would that be. >> right. we'll take a short break. we'd love to know your thoughts. also still 20 come, how legitimate are security worries over the telecom womequipment maker. >>> congressional report has called on u.s. firms to stop doing business with zte and wow way. the report was centered on allegations that the two countries are under beij
because it would be tax free. and then secondly do you back yourself as an employee to say i'm never going to -- i can always get a job somewhere else. >> would you take the shares or the protection? >> if i believed in the business i was working in and i thought that it was -- yeah, i'd take the shares. >> well, i do want to know what you would think about this. what would you take? >> i work for a very good corporate bank and i would definitely take the shares. the...
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welfare system to make sure this country continues to live within its means and at the same time has a tax system that attracts international businesses to britain p. and one of the encouraging stories is 20 of the largest companies are moving some of their head quarters to the uk. >> but low yields aren't giving us growth. >> all western countries are facing the issue of how they pay their way in the world and how they grow. if you look at the uk, a million jobs in the private sector over the last couple of years and we'll go on making reforms to our tax system to make this the competitive place to come and do business. >> meanwhile britain's largest businesses are adopting more defensive strategies. this is one of the latest findings of the deloitte cfo service. they were asked what their views are on the current operating environment. joining us with more, chief economist at deloitte. good to see you. i suppose we had a record second quarter of declines. >> confidence went through the floor back in june on the result of what's going on in the euro area. you've seen a bit of a bounce. ri
welfare system to make sure this country continues to live within its means and at the same time has a tax system that attracts international businesses to britain p. and one of the encouraging stories is 20 of the largest companies are moving some of their head quarters to the uk. >> but low yields aren't giving us growth. >> all western countries are facing the issue of how they pay their way in the world and how they grow. if you look at the uk, a million jobs in the private...
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Oct 8, 2012
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reason why is easy -- jobs and its taxes. but when you saw these doors open earlier today, thousands of people streamed in within minutes. obviously there is a lot of demand of what's going on here. they're here for one thing and one thing only -- that's to gamble. one-third of all the money made to penn national gaming goes back to the state and city in taxes. the city of columbus expects to get at least $15 million directly next year and that will go a long way. of course, interestingly when you spoke to t i spoke to the city's mayor today, he was just as focused on job creation. the city needed 3,500 workers to build it and 2,000 employees . >> the more jobs you have in a community, the more income there is to the city. >> ohio's considered a swing state. right? but unemployment here has been running well below the national average. we look at a few dealers doing their thing here. been below the national average for a while. looks like today a lot of people played hookie. at least 5,000 people have been here. there are a f
reason why is easy -- jobs and its taxes. but when you saw these doors open earlier today, thousands of people streamed in within minutes. obviously there is a lot of demand of what's going on here. they're here for one thing and one thing only -- that's to gamble. one-third of all the money made to penn national gaming goes back to the state and city in taxes. the city of columbus expects to get at least $15 million directly next year and that will go a long way. of course, interestingly when...
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Oct 3, 2012
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you'll obviously have to pay your taxes and fees which as we well know, sometimes can be more in total than the price of the ticket itself by the time you pay maybe $100 at the gate for checking in your bag, plus various other things like a sandwich. >> is that vote for people you don't want to win? because if your candidate loses -- >> if the other guy wins -- if i'm a huge obama supporter, romney wins, i might be eligible to -- >> i think at the end of the day, it is supposed to be fun. >> let me correct you. there is nothing about flying that is fun especially when you're over 5'0" tall. or $6 6'0". >>> pretty remarkable run in the home builder stocks today, mandy. "wall street journal" article discussing the dampened momentum in the apartment rental market may be partly a function of the rebound that we're seeing in housing demands. that's the silver lining to the story. take a look at some of those home builder stocks moving higher today. >> cool. seema, thank you. >>> we've got a great feel-good story about a guy's amazing second chance in the show. that's coming up next in the s
you'll obviously have to pay your taxes and fees which as we well know, sometimes can be more in total than the price of the ticket itself by the time you pay maybe $100 at the gate for checking in your bag, plus various other things like a sandwich. >> is that vote for people you don't want to win? because if your candidate loses -- >> if the other guy wins -- if i'm a huge obama supporter, romney wins, i might be eligible to -- >> i think at the end of the day, it is...
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Oct 2, 2012
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our borrowing is going up, our deficit is going up because you've not got people at work paying tax. so there's been a right of myth for two years the only way to get the deficit down is through spending cuts and tax riders. the faster you go, the better. it's not worked in britain. and i'm afraid we're making a 1930 mistake all over again. >> it's easy their position to say this plan's not working, but the coalition with the conservative party with the junior partner very much sticking to plan a even these in some circles particularly in labor circles it's not proven to be particularly popular. and i think they'll try to play up his working class credentials because the leading conservative party very much has this posh boy image. lots of educated members of the cabinet. it's pretty hard for the average working class britt to at that time message from someone they perceive to be wealthy independently. >> not that they're putting necessarily any -- the thing is, you're 2, 2 1/2 years on out from an election, so in need for any policies. >> no, for quite some time. and the conservativ
our borrowing is going up, our deficit is going up because you've not got people at work paying tax. so there's been a right of myth for two years the only way to get the deficit down is through spending cuts and tax riders. the faster you go, the better. it's not worked in britain. and i'm afraid we're making a 1930 mistake all over again. >> it's easy their position to say this plan's not working, but the coalition with the conservative party with the junior partner very much sticking...
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Oct 2, 2012
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netting $4.2 billion in cash after taxes and fees. and even better, yahoo! will return about 85% of the cash to you, shareholders. we're either looking at a huge dividend or a gigantic buy back. it would shrink the cap by 19%. that's what makes the stock go higher, not the buy back stock, come out flat. now remember after this transaction yahoo! still owns 20% of ali baba. yahoo! can sell half of the stake at the time when ali baba comes public whenever that might be. how much is it worth? goldman values yahoo!'s remaining ali baba position at $5.8 billion or $4.93 a share. i think that could be a low ball figure given ali baba's legitimate internet growth story. even though they pulled back from the highs it still made people a fortune since it came public in 2005. second, there's yahoo! japan which is a separate company publicly traded on the japanese market. yahoo! owns 35% of this monster and the stake is worth $4.77 billion. that's another $4.03 a share. then we've got the cash itself. by the end of the year goldman expects yahoo! will have $5.84 of cas
netting $4.2 billion in cash after taxes and fees. and even better, yahoo! will return about 85% of the cash to you, shareholders. we're either looking at a huge dividend or a gigantic buy back. it would shrink the cap by 19%. that's what makes the stock go higher, not the buy back stock, come out flat. now remember after this transaction yahoo! still owns 20% of ali baba. yahoo! can sell half of the stake at the time when ali baba comes public whenever that might be. how much is it worth?...
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Oct 1, 2012
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give $14.85 sans tax considerations but we haven't talked about the core business yet. right now it's trading at $15.82. in other words, when you consider the stake in yahoo! japan and the remaining stake in ali baba which is worth a bundle and the cash which is well, cash, then the market is valuing the core business, yahoo! search, yahoo! finance, yahoo! sports, these stocks, tremendous gravitas, at $1 a share. yahoo! believes it's worth $7.17 which means it it was to trade at $22. that's a remarkable, remarkable move you need to catch. it could be worth even more frankly. if you believe as i do that she has what it takes to turn this business around. again, i need to see mobile and i need to see social because that's where all the winners in tech have. bottom line when yahoo! was a headless company with no strategy for monetizing its assets it made sense for the stock to trade down here. now it has leadership and a turn around plan that we'll hear more about and the company is unlocking the hidden value like with ali baba. that means the stock goes higher. i say cong
give $14.85 sans tax considerations but we haven't talked about the core business yet. right now it's trading at $15.82. in other words, when you consider the stake in yahoo! japan and the remaining stake in ali baba which is worth a bundle and the cash which is well, cash, then the market is valuing the core business, yahoo! search, yahoo! finance, yahoo! sports, these stocks, tremendous gravitas, at $1 a share. yahoo! believes it's worth $7.17 which means it it was to trade at $22. that's a...
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. >> why wouldn't we eliminate tax breaks for corporate jets? my attitude is if you have a corporate jet, can you probably afford to pay full freight, not get a special break for it. >> now watch romney on defense. >> finally, military. the president's re-elected you'll see dramatic cuts to our military. the secretary of defense said these would be even devastating. i will not cut our commitment to our military. >> if you're like me, you realize the general dynamics is at both of the issues. if president obama is going back to that 2009 rhetoric, gulf stream jets could be hammered. when you think of big defense programs that could be boosted by a romney presidency, go no further than general dynamics. you can see a real hit to earnings if the budget cuts become a reality. romney is green lighting lockheed martin and gruman. now about half way into the debate romney gave us a fabulous short idea with this clip. >> you put $90 billion, like 50 years worth of breaks into solar and wind to solyndra and tesla and i had a friend who said you don't jus
. >> why wouldn't we eliminate tax breaks for corporate jets? my attitude is if you have a corporate jet, can you probably afford to pay full freight, not get a special break for it. >> now watch romney on defense. >> finally, military. the president's re-elected you'll see dramatic cuts to our military. the secretary of defense said these would be even devastating. i will not cut our commitment to our military. >> if you're like me, you realize the general dynamics is...
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on the issue of taxes, mitt romney has proposed a 20% across the both tax cut that he says will not increase the deficit and will not shift the burden to middle income taxpayers. yesterday in a radio interview he began to outline how he might pay for that, said he would limit tax deductions for families to $17,000. that is a step toward specificity, but barack obama can go after him on that. by the same token, romney can go after obama because obama's talked about reducing the corporate rate to 28%, but he hasn't specified how he'd pay for it. and then you have the issue of jobs. romney talks about the job record on net from the beginning of president obama's term. and if you do that, it's just about even. maybe a few jobs in the positive territory. but barack obama talks about what's happened since early 2010 since the turnaround started. they'll clash on that. on medicare, the big entitlement spending issue that threatens the bunch the long term. mitt romney's proposed with paul ryan an ambitious reformation of the program that would go to voucher, but he hasn't said what the level of the
on the issue of taxes, mitt romney has proposed a 20% across the both tax cut that he says will not increase the deficit and will not shift the burden to middle income taxpayers. yesterday in a radio interview he began to outline how he might pay for that, said he would limit tax deductions for families to $17,000. that is a step toward specificity, but barack obama can go after him on that. by the same token, romney can go after obama because obama's talked about reducing the corporate rate to...
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they want to know their tax base is going to be for next year. they want to know what capital gains rates are going to be. you know, all those things. do you think that really is what could end the log jam for a lot of small investors out there to get them back into the market again? >> i think that would certainly help. i think we will get through this election with a lot of uncertainty. just on the oh side of the election, it seems likely that everybody's incentives will change and congress will go to work on some of the worst parts of the fiscal cliff. i think that could engender a lot of confidence and some re-entry by retail investors. >> all right, dick. good to see you. thank you for joining us. have a good conference tomorrow. >> thank you very much. >> you got it. >> we'll see you soon, dick. >> head of janus. all right, heading toward the close here. 18 minutes left. we're coming off the lows, down 48 points on the dow. >> remember when president obama said this -- >> somebody helped to create this unbelievable american system that we h
they want to know their tax base is going to be for next year. they want to know what capital gains rates are going to be. you know, all those things. do you think that really is what could end the log jam for a lot of small investors out there to get them back into the market again? >> i think that would certainly help. i think we will get through this election with a lot of uncertainty. just on the oh side of the election, it seems likely that everybody's incentives will change and...
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somebody in washington is working on an alternative to the massive spending cuts and tax increases that the fiscal cliff would bring. and it's not in congress that they're working on this we'll talk about it coming up. >>> plus, the interview you don't want to miss. my exclusive sit-down with oracle president mark hurd. we'll get this strategy on owning the cloud and get his take on what's happening at hewlett-packard, his old job. can meg whitman turn things around? we'll talk about that. plus oracle open world. you're watching cnbc. first in business worldwide. estn common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it
somebody in washington is working on an alternative to the massive spending cuts and tax increases that the fiscal cliff would bring. and it's not in congress that they're working on this we'll talk about it coming up. >>> plus, the interview you don't want to miss. my exclusive sit-down with oracle president mark hurd. we'll get this strategy on owning the cloud and get his take on what's happening at hewlett-packard, his old job. can meg whitman turn things around? we'll talk about...
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you need to print capital and have cuts in spending that are meaningful and then you have to raise taxes and close loopholes. uh got to have all the three working in concert to de-leverage out of the system we are in. $40 billion makes sense to me. qe3 makes sense to me up to a point. i did note in the minutes that i would read from the minute that is if unemployment is above say 6.5% and inflation is below 3%, you're going to continue to see qe3 from one month to the next, but one you are getting close to the numbers they will start to shut it down. $40 billion a month will inflate the monetary supply by 15% a year. that's not something we are accustomed to seeing. we are de-leveraging but at some point inflation creeps into the process. >> tom, what about the civil suit that we saw this week, the civil suit by new york state attorney general against jpmorgan chase, they are alleging widespread company by the bear stearns business by the sale of mortgage-backed securities back in 2008. first, do you think this is a day late and dollar short and is it fair to target jpmorgan chase since
you need to print capital and have cuts in spending that are meaningful and then you have to raise taxes and close loopholes. uh got to have all the three working in concert to de-leverage out of the system we are in. $40 billion makes sense to me. qe3 makes sense to me up to a point. i did note in the minutes that i would read from the minute that is if unemployment is above say 6.5% and inflation is below 3%, you're going to continue to see qe3 from one month to the next, but one you are...
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the negatives are, whether it's the fiscal cliff, tax rate uncertainty that can be fixed easily. we do have an election coming up. but i think the unpinnings of our economy can do a lot more like canada without a whole lot of effort whether energy or retail in the end this number may be very strange but i still think canada gives me a bit of hope. back to you. >> the canadian number is one to watch. we'll see you in a few moments. we should mention the president is being introduced in fairfax, virginia. when he comes to the podium we'll take that live. in the meantime a quick break. we'll talk to the congresswoman trying to save you money on your insurance bill. congresswoman judy biggert will talk how americans are funding big bank bailouts after a quick break. [ male announcer ] at scottrade, weat over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm w
the negatives are, whether it's the fiscal cliff, tax rate uncertainty that can be fixed easily. we do have an election coming up. but i think the unpinnings of our economy can do a lot more like canada without a whole lot of effort whether energy or retail in the end this number may be very strange but i still think canada gives me a bit of hope. back to you. >> the canadian number is one to watch. we'll see you in a few moments. we should mention the president is being introduced in...
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it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >>> it is time. it is time for the lightning round. we play until we hear the sound and the lightning round is over. are you ready, skedaddy? start with rob in new york. >> caller: how you doing, jim. my question about sketchers? >> sell, sell, sell. it's sink'ing like a stone. i don't want skechers or deckers. > >>>. >> ken in california, what's up? >> caller: thank you for your help and guidance. love your show. jim, a vnbbott labs, is it overbought at this point? >> we were discussing this, i say you can't buy it here, steph. have to let it pull back. let it pull back to the mid 60s, but it is going to split. a great situation, but you're paying up too much right here. fred in new york. fred. >> caller: fred in new york, booyah. cypress semiconductor? >> oh, fred. we can say the same thing about intel. intel yields 4%. i see no reason to own cypress. i want to see the quarter. not a
it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >>> it is time. it is time for the lightning round. we play until we hear the sound and the lightning round is over. are you ready, skedaddy? start with rob in new york. >> caller: how you doing, jim. my question about sketchers? >> sell, sell, sell. it's sink'ing like a...
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Oct 9, 2012
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the events triggered by inaction rather not renewal of the bush tax cuts or reduction in spending it is a variety of things. >> thanks for that fascinating report. when you stress test your portfolio what is a scenario that you are most concerned about? >> the scenario is about improving economic growth. that is the one thing that nobody is testing for. that is a risk. upside. absolutely. that is a risk. if it is a risk that you can test for and you know about it how is it a risk? if there is a bubble out there in this market is the bubble that everything is going to fall apart. if every bank knows all the scenarios they should never lose money again. >> you ask about testing several things. what about when you throw in every bank going through the same crisis at the same time. >> if one bank has that problem -- >> i could never. >>> coming up next one of our traders is going to fuel your portfolio. stick around for the trade of the day right after this break. >>> welcome back to fast. we are live in times square. we have an update on verifone. you have been short. >> i continue to b
the events triggered by inaction rather not renewal of the bush tax cuts or reduction in spending it is a variety of things. >> thanks for that fascinating report. when you stress test your portfolio what is a scenario that you are most concerned about? >> the scenario is about improving economic growth. that is the one thing that nobody is testing for. that is a risk. upside. absolutely. that is a risk. if it is a risk that you can test for and you know about it how is it a risk?...
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Oct 1, 2012
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future and urging congress and the administration to put the budget on a sustainable path and reform the tax code and the education bank and the fed policy is not a panacea. takes on the criticism of the federal reserve and saying it is not doing so because that is temporary and the fed will eventually sell the assets at the appropriate time. also noting as he has in the past that increased bank reserves don't necessarily translate into more money and saying the fed has the power to do that at the appropriate time to prevent inflation. just a few more things, this issue of savers, a lot of people talked about how savers have a disadvantage to low interest rates to fed policy. savers have a lot of different interests out there. some have pension plans and they also own homes. the best way to address the concerns is through a stronger economic noting without a job you can't save for retirement or buy the home and it is the best way for the fed do that is make the economy stronger and the best way to make it stronger is through lower rates. just one other thing. he is addressing this issue that
future and urging congress and the administration to put the budget on a sustainable path and reform the tax code and the education bank and the fed policy is not a panacea. takes on the criticism of the federal reserve and saying it is not doing so because that is temporary and the fed will eventually sell the assets at the appropriate time. also noting as he has in the past that increased bank reserves don't necessarily translate into more money and saying the fed has the power to do that at...
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sources he was not willing to name that he had information indicating that governor romney paid no taxes. if this were to be true -- >> tyler, tyler, tyler -- >> if this were to be true sir. >> tyler, stop. >> let me finish my thought. >> did the workforce participation rate change? no. it's still a 30-year low. did the u6 computation 14.7% change? no. so how is it that we had a drop of .3 percentage point on the unemployment rate if these other statistics which related to that do not change? and don't challenge my intelligence, because i tell you, it wasn't too long ago that we were being told that a video was the imminence for this spontaneous attack that ended up killing an ambassador. so there are a lot of questions that come out of this administration. i'm not talking about impeachment. i just want someone to come clean with the process and methodology because there is a lot of inconsistencies. >> congressman, thank you very much. we appreciate you being with us. >> you have a great day. >> you, too. >> absolutely. >>> meantime, gentlemen, a number of media organizations have been r
sources he was not willing to name that he had information indicating that governor romney paid no taxes. if this were to be true -- >> tyler, tyler, tyler -- >> if this were to be true sir. >> tyler, stop. >> let me finish my thought. >> did the workforce participation rate change? no. it's still a 30-year low. did the u6 computation 14.7% change? no. so how is it that we had a drop of .3 percentage point on the unemployment rate if these other statistics which...
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senate and accused governor romney of not paying taxes for ten years. last week, nancy pelosi implied that there was no security at the embassy in libya was because the republicans had employed cuts in that area. they understand the economy is not helpful to them. i would remind the governor that the republican congress has spent many, many job creating bills to the democratically controlled senate and harry reid has refused to let them get to voted on. >> governor romney, the consensus is he came out ahead in the debates. do you think he's going to be able to sustain that momentum? has he energized the base? >> he's clearly energized the base. i was just in denver speaking to a conservative group there. i've been doing some women for romney events. people are clearly very fired up. what they saw was a fantastic debate performance by governor romney. what they also saw was a contrast between someone and governor romney who understand the fooacts and could relate th to every day people's lives. president obama, it wasn't just that his performance was lis
senate and accused governor romney of not paying taxes for ten years. last week, nancy pelosi implied that there was no security at the embassy in libya was because the republicans had employed cuts in that area. they understand the economy is not helpful to them. i would remind the governor that the republican congress has spent many, many job creating bills to the democratically controlled senate and harry reid has refused to let them get to voted on. >> governor romney, the consensus...
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one of them a surplus tax from ecuador. they are not going to be able to do that, take care of that but i think they can work around that and then -- >> so you say go ahead. government ahead. >> you are with it? upgrading comstock resources and devon energy, noting notice belief that, "the u.s. natural gas market fundamentals already gone substantial structural "" -- do you like the call or not? >> i live in the center of marsellus gas. >> you do. >> i they are producing below the cost of goods sold. i don't like that i don't see a change in that . >> don't like two you do like one. i like you because you disagree. >>> next hour, remember the datson? we are going to look at the rebirth of the car on the cheap. but there's a catch. the new datson, next hour. accolade overdrive. zagat just gave hertz its top rating in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. chances are, you're not made of money,
one of them a surplus tax from ecuador. they are not going to be able to do that, take care of that but i think they can work around that and then -- >> so you say go ahead. government ahead. >> you are with it? upgrading comstock resources and devon energy, noting notice belief that, "the u.s. natural gas market fundamentals already gone substantial structural "" -- do you like the call or not? >> i live in the center of marsellus gas. >> you do. >>...
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what do the candidates need to to do and what would a $17,000 tax deduction limit mean for you, for voters. and where to find the bargains, yes, bargains in the private skret mjet market. it's at the top of the hour. >>> the barefoot economic summit is under way. some of the world's top asset managers and investors convening. david faber is there and joins us now with another exclusive interview. a beautiful backdrop, david. >> $6 billion long short equity hedge fund. but like a the lot of the participants, we'll start out on the macro. >> sure. >> you have been watching the velocity of money. maybe something people go what are you talking about. but we know the fed is printing a lot of money. the question is it actually changing hands. >> right. did anything show up in your bank account? >> notrecently. >> mine neither. i mean, it's -- what i think is happening in the economy is that we're going through a deleveraging process. if you look at the velocity of money, you see that the chart looks like we're still in recession. it was -- there was a blip up in '09 as qe1 sort of had some impac
what do the candidates need to to do and what would a $17,000 tax deduction limit mean for you, for voters. and where to find the bargains, yes, bargains in the private skret mjet market. it's at the top of the hour. >>> the barefoot economic summit is under way. some of the world's top asset managers and investors convening. david faber is there and joins us now with another exclusive interview. a beautiful backdrop, david. >> $6 billion long short equity hedge fund. but like a...
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three other big economic issues they're going to be talking about, first of all, on taxes. mitt romney hasosed a 20% across the board rate cut for individuals, but he hasn't specified how he's going to pay for that without increasing the deficit or increasing the burden on middle and low-income workers. president obama will press him on that. by the same token, p obama says he wants to cut the corporate rate from 35 to 28. he hasn't specified how he's going to pay for that. on jobs, you can expect to hear mitt romney talk about on net since january 2009 when barack obama took office, hardly any jobs created. barack obama will talk about a time line beginning in early 2010. since then, 4 million private sector jobs have been created. finally, medicare, the big issue threatening go bankrupt the budget long term. mitt romney is proposing a substantial change that would include vouchers. he hasn't said how much they'd grow over time. president obama has not said whether or not he's going to propose the same kind of changes like raising the eligibility age for medicare that he t
three other big economic issues they're going to be talking about, first of all, on taxes. mitt romney hasosed a 20% across the board rate cut for individuals, but he hasn't specified how he's going to pay for that without increasing the deficit or increasing the burden on middle and low-income workers. president obama will press him on that. by the same token, p obama says he wants to cut the corporate rate from 35 to 28. he hasn't specified how he's going to pay for that. on jobs, you can...
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it is taxing or legislating against the stuff that has absolutely no benefit to anyone and so cancel voters is a good example. i think the point that ms. godfrey made about intent is the point. >> there is no intent to trade stocks at 4% of the entire trading volume and last week not a single trade was executed. >> i agree. >> one thing about this and i think our guests will confirm this, there are only a certain number of algorithms in the world. i think you agree most are similar in intent, basically designed to scalp pennies in microseconds. there are only so many different kinds. i don't know if that's the point. the question is what can we do to eliminate the evil or bad side of what's going on here which i agree is a problem? >> bob, thanks. amon to you as well and all of you guys. >> real quickly, talking about regulation and talking about measures in the marketplace and the most simplistic and proven throughout the ages is finances, the cost of business. raise the cost of doing business just like driving on a highway. you go too fast, you get a ticket. same thing in the marke
it is taxing or legislating against the stuff that has absolutely no benefit to anyone and so cancel voters is a good example. i think the point that ms. godfrey made about intent is the point. >> there is no intent to trade stocks at 4% of the entire trading volume and last week not a single trade was executed. >> i agree. >> one thing about this and i think our guests will confirm this, there are only a certain number of algorithms in the world. i think you agree most are...
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federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasoline tax added up to well over 50% of what they earned. your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses has said that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. so what i do is i bring down the tax rates, lower deductions and exemptions, the same idea behind bowles-simpson, by the way. lower the exemptions to create more jobs because there's nothing better for getting us to a balanced budget than having more people working, earning more money, paying more taxes. that's by far the most effective and efficient way to get this budget balanced. >> jim, you may want to move on to another topic, but i would just say this to the american people. if you believe that we can cut taxes by $5 trillion and add $2 trillion in additional spending that the military is not asking for, $7 trillion, just to give you a sense over ten years, that's more than our entire defense budget, and you think
federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasoline tax added up to well over 50% of what they earned. your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses has said that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. so what i do is i bring down the tax rates, lower deductions and exemptions, the same idea behind bowles-simpson, by the way....
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his tax cut wouldn't be anywhere near that size. >> so you're disputing the size of the tax cut? or are you disputing also how he's going to pay for it? >> we're disputing the size. >> erin, he has campaigned on lowering tax cuts by 20% for everybody, including those in the top 1%. that was one of the main selling points in the republican primary. >> so you're saying if you lower them by 20% you get a $5 trillion tab, right? >> it's a $5 trillion tab. >> but when he closes deductions he won't be anywhere near $5 trillion. that's our analysis. >> well with, okay, stipulated, it won't be near $5 trillion, but it's also not going to be the sum of $5 trillion in the loopholes that he's going to close. it is going to cost someone and it's going to cost the middle class. independent economists have taken a look at this. there aren't enough deductions for those at the top to account for the number of tax cuts that they get because of mitt romney's policies. you have to raise taxes on the middle class, as bill clinton says, it's simple math. >> they'll say, though, that you can do that.
his tax cut wouldn't be anywhere near that size. >> so you're disputing the size of the tax cut? or are you disputing also how he's going to pay for it? >> we're disputing the size. >> erin, he has campaigned on lowering tax cuts by 20% for everybody, including those in the top 1%. that was one of the main selling points in the republican primary. >> so you're saying if you lower them by 20% you get a $5 trillion tab, right? >> it's a $5 trillion tab. >> but...
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tax cuts. you knew this was going to be a big issue. president obama went on the attack saying mitt romney is essentially pitching a huge tax cut for the rich. >> governor romney's central economic plan calls for a $5 trillion tax cut on top of the extension of the bush tax cuts, that's another trillion and $2 trillion in additional military spending that the military hasn't asked for. >> mitt romney does propose across the board 20% tax cuts in the nonpartisan tax center says under that plan, taxes on the wealthiest americans would be reduced by $5 trillion. initially. but romney says he would offset the cuts with reductions and deductions and closing loopholes that will reduce the tax cut for the wealthy. so our verdict here is that president's saying he would cut the taxes by $5 trillion on wealthy is false because any deduction you take out will make it smaller. there is more to this story. on the deficit, mitt romney claims with the tax cuts he'll not add to the deficit. >> my number one p
tax cuts. you knew this was going to be a big issue. president obama went on the attack saying mitt romney is essentially pitching a huge tax cut for the rich. >> governor romney's central economic plan calls for a $5 trillion tax cut on top of the extension of the bush tax cuts, that's another trillion and $2 trillion in additional military spending that the military hasn't asked for. >> mitt romney does propose across the board 20% tax cuts in the nonpartisan tax center says under...
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to save and invest tax free. this is one of the big differences between these two candidates. mitt romney has a pro growth tax reform plan and create jobs and get the economy moving. you heard the president has no plans whatsoever. >> but the democrats keep pointing out you're being very vague and you're not being very specific in the so-called offsets. how do you pay for $5 trillion in tax cuts without raising the deficit? >> well, you know what, wolf, i'm reminded of what happened in 1986, the last time the congress and the president reagan at the time undertook major tax reform. the president didn't come forward with a plan, take it or leave it plan that he presented to the congress. instead, he articulated some broad principles that would guide him in his negotiations with congressional leaders and those led to major tax reform. that created a major economic expansion in this country. those are the same principles that governor romney would follow, if he's elected as president. >> so, he's not going to spell
to save and invest tax free. this is one of the big differences between these two candidates. mitt romney has a pro growth tax reform plan and create jobs and get the economy moving. you heard the president has no plans whatsoever. >> but the democrats keep pointing out you're being very vague and you're not being very specific in the so-called offsets. how do you pay for $5 trillion in tax cuts without raising the deficit? >> well, you know what, wolf, i'm reminded of what happened...
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let's stay on taxes. let's just stay on taxes for a moment. what is the difference? >> virtually everything he just said about my tax plan is inaccurate. >> all right. just for the record -- >> worry talking about -- >> just so everybody understands, we are way over our first 15 minutes. >> that's fine, isn't it? >> it's great. no problem. >> the last point i would make -- >> two minutes is up, sir. >> no, i had five seconds before you interrupted me. >> here are the specifics. >> excuse me. >> let's talk the other big. >> no, no, let's not. let's let him respond to this specific on dodd-frank. >> some viewers also wondered why lehrer didn't challenge romney's attack on his own network, pbs. >> i'm going to stop the subsidy to pbs. i love big bird. actually like you, too, but i'm not going to keep on spending money to borrow money from china to pay for it. >> the web went wild for big bird. shame shame. mentions of big bird went up 800,000%. seriously, though. l lehrer with his criticized for not explaining dodd-frank and simpson bowles to the public. obama adviser s
let's stay on taxes. let's just stay on taxes for a moment. what is the difference? >> virtually everything he just said about my tax plan is inaccurate. >> all right. just for the record -- >> worry talking about -- >> just so everybody understands, we are way over our first 15 minutes. >> that's fine, isn't it? >> it's great. no problem. >> the last point i would make -- >> two minutes is up, sir. >> no, i had five seconds before you...
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tax rate, they're taxed at a lower rate. the businesses in the last 3% of businesses happen to employ half -- half of all people that work in small business. they employ one-quarter of all workers in america, and you want to take their tax rate from 35% to 40%. i talked to a guy with a very small business, he's in the electronics business in st. louis. he has four employees. he said he and his son calculated how much they pay in taxes, federal income tax, federal payroll tax, state sales tax, state property tax, gasoline tax, it added up to well over 50% of what they earned. and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses says that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do, i bring down the tax rates, lower deductions and exemptions, the same idea by behind bowles-simpson, by the way, get the rates down, lower exemptions and create jobs. there's nothing better to get us to a balanced budget t
tax rate, they're taxed at a lower rate. the businesses in the last 3% of businesses happen to employ half -- half of all people that work in small business. they employ one-quarter of all workers in america, and you want to take their tax rate from 35% to 40%. i talked to a guy with a very small business, he's in the electronics business in st. louis. he has four employees. he said he and his son calculated how much they pay in taxes, federal income tax, federal payroll tax, state sales tax,...
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the stimulus was one-third tax cuts, big payroll tax cuts. plenty of tax cuts. >> very true. >> and for small business tax cuts, too. >> export boom, exports on a monthly basis have risen 50% from their low in march of 2009. the difference is that we have an economy in which rising demand doesn't necessarily translate into more jobs instantly because we're so good at being productive. we use machinery and software computers. the other big difference between now and the '40s and '40 50s the rest of the world had basically destroyed the rest of its capacity in world war ii so we made everything we wanted, cars, t-shirts, socks, televisions, electronics. we made that all here in the u.s., were consumed it. we exported it because nobody else was doing it. we are not going back to a world in which we will have a monopoly on industrial production. in fact, it's the opposite. everybody else now hats hardware to make all the stuff that we did, so it is much more of a challenge to just say, you know, we're going to do these sort of three things that w
the stimulus was one-third tax cuts, big payroll tax cuts. plenty of tax cuts. >> very true. >> and for small business tax cuts, too. >> export boom, exports on a monthly basis have risen 50% from their low in march of 2009. the difference is that we have an economy in which rising demand doesn't necessarily translate into more jobs instantly because we're so good at being productive. we use machinery and software computers. the other big difference between now and the '40s...
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about taxing the wealthy, and he's talking about taxing planes. i own a plane. >> that's you. >> i was like, oh, okay. thanks a lot, president obama. r. i just served my mother-in-law your chicken noodle soup but she loved it so much... i told her it was homemade. everyone tells a little white lie now and then. but now she wants my recipe [ clears his throat ] [ softly ] she's right behind me isn't she? [ male announcer ] progresso. you gotta taste this soup. ♪ [ male announcer ] its lightweight construction makes it nimble... ♪ its road gripping performance makes it a cadillac. introducing the all-new cadillac xts. available with advanced all-wheel drive. [ engine revving ] it's bringing the future forward. throughout our lives. one a day men's 50+ is a complete multi-vitamin designed for men's health concerns as we age. it has more of 7 antioxidants to support cell health. one a day men's 50+. turn to senokot-s tablets. senokot-s has a natural vegetable laxative ingredient plus the comfort of a stool softener for gentle, overnight relief of
about taxing the wealthy, and he's talking about taxing planes. i own a plane. >> that's you. >> i was like, oh, okay. thanks a lot, president obama. r. i just served my mother-in-law your chicken noodle soup but she loved it so much... i told her it was homemade. everyone tells a little white lie now and then. but now she wants my recipe [ clears his throat ] [ softly ] she's right behind me isn't she? [ male announcer ] progresso. you gotta taste this soup. ♪ [ male announcer ]...
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let's talk about the tax cuts. he signalled over the last couple of days, details about how they would pay for it they didn't put out details, they backed away from it. they are not being honest with the american people. you know what's worse? he got testy about it, being on defense and i think that came across to the american people. >> the president seemed to get testy at one point when he was interrupted by jim lehrer. will the president do more debate prep before the next debate, prepare differently. do you think he didn't take this seriously enough? >> we feel good about the president's performance here tonight. he wasn't speaking to the people in the room, the pundit class, but people at home. i think what people heard tonight was a plan forward, a detailed plan on how we'll rebuild the economy and strengthen the middle class. another guy that got testy, interrupted the moderator. i wondered if we needed a moderator since we had mitt romney. and someone doubling down on the very same policies that crashed the
let's talk about the tax cuts. he signalled over the last couple of days, details about how they would pay for it they didn't put out details, they backed away from it. they are not being honest with the american people. you know what's worse? he got testy about it, being on defense and i think that came across to the american people. >> the president seemed to get testy at one point when he was interrupted by jim lehrer. will the president do more debate prep before the next debate,...
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you specifically said you would cut this tax, this tax, this tax. >> a lot of promises. >> that add up to 5 trillion. how will you pay for that? i think that will linger a bit. >> if somebody asks him specifically what loop holes and deductions are you proposing to do away with? the president hasn't asked that question. no one has asked him that question. >> chris wallace has, actually. paul ryan. >> the bigger issue is that you can take every single deduction there is, abolish them all and that adds up to $5 trillion. >> no, i don't agree with you on that. the tax policy center you're referring to is incomplete and they've revised it since then. >> i'm not just referring to that analysis. >> governor romney did talk about how he would eliminate some deductions. he would have a bucket that he would fill up. >> what was he saying was in that bucket? let's make up a number. here is what the number is. >> he said it could be $50,000, if you capped deductions at $50,000, you're not even in the ballpark of $5 trillion. >> it was not a specific what are the actual loop holes. i think that wa
you specifically said you would cut this tax, this tax, this tax. >> a lot of promises. >> that add up to 5 trillion. how will you pay for that? i think that will linger a bit. >> if somebody asks him specifically what loop holes and deductions are you proposing to do away with? the president hasn't asked that question. no one has asked him that question. >> chris wallace has, actually. paul ryan. >> the bigger issue is that you can take every single deduction...
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to avert the fiscal cliff, in which everything from payroll taxes to full tax rates will go up. >>> and now our fourth story outfront. under attack by hackers. this was pretty incredible because the white house today confirmed that its military office was the target of a cyber attack with a suspected attacker, china. this is the office responsible for the united states of america's nuclear warplane. now, cnn has learned this was an unclassified network which was hit. officials say they dealt with the threat, but these attacks are relentless and the pentagon encounters thousands of them a day. how does washington keep up with this threat? "outfront" tonight, retired colonel cedric leighton. colonel, great to see you. the white house is saying we dealt with this, still, this is the white house. this is an office which is responsible for the united states of america's nuclear war plans how. how serious was this? >> it's great to see you, too, but this is too close for comfort when it comes to hacking attacks, especially when it comes to protecting the nuclear codes and anything else th
to avert the fiscal cliff, in which everything from payroll taxes to full tax rates will go up. >>> and now our fourth story outfront. under attack by hackers. this was pretty incredible because the white house today confirmed that its military office was the target of a cyber attack with a suspected attacker, china. this is the office responsible for the united states of america's nuclear warplane. now, cnn has learned this was an unclassified network which was hit. officials say they...
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is going to increase taxes across the board of the biggest tax increase in history on january 1st. and mitt romney understands that you have to have small business to grow these jobs. and that's the way we're going to invest in small businesses. take the job-killing obamacare regulations that will crush small businesses, but then give -- replace it with good policies that allow businesses to buy health insurance with what they need, buy it across state lines, have preexisting conditions covered. but the kind of policies that they won't be bankrupt and fined. and 20 million people are expected by this -- by the administration's own calculations, 20 million people -- i guess it was cbo said it would lose their coverage under obama care and that's not going to work for my state of virginia. >> i have to say, i hope he has your ability to go without taking a breath and have things that make sense. jim, let me ask, barbara talked about mitt romney wants to talk about his tax plan. i'm sure that the president wants to talk about mitt romney's tax plan too. specifically that promise to cu
is going to increase taxes across the board of the biggest tax increase in history on january 1st. and mitt romney understands that you have to have small business to grow these jobs. and that's the way we're going to invest in small businesses. take the job-killing obamacare regulations that will crush small businesses, but then give -- replace it with good policies that allow businesses to buy health insurance with what they need, buy it across state lines, have preexisting conditions...
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one thing or another is that a tax increase or not? it is through the tax system. so, did you lie? he's going to say no, i did not lie. >> you say something, you call him out on it. here's the deal. romney's not going to try to bring it up in the debate. nor will president obama because the moment you do, you have opened the door for your opponent to actually you out. so, responsibility's going to rest on the debate moderator, who is not going to do it, but again, what people are saying is can i get somebody to tell me the truth? you can cross words all you want to, but there are some things called undeniable truth. so no matter how you want to dance around it, some things are very clear. >> there's also such a thing as throwi throwing things against the wall and that is what the obama campaign has been effective at doing and the romney campaign hasn't been. >> the romney campaign, they have been -- i can show you the proof. go to our website. again, you have campaigns -- >> check up on after the fact. >> my point, you said earlier -- i said absolutely. if you have that many eyebal
one thing or another is that a tax increase or not? it is through the tax system. so, did you lie? he's going to say no, i did not lie. >> you say something, you call him out on it. here's the deal. romney's not going to try to bring it up in the debate. nor will president obama because the moment you do, you have opened the door for your opponent to actually you out. so, responsibility's going to rest on the debate moderator, who is not going to do it, but again, what people are saying...
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tax cut across the board. mitt romney never specified the deductions that he discusses and doesn't give specifications on, to say i don't have a tax cut is surreal and the president with malpractice not pushing back on that and demanding specifics. >> some of the president's supporters said he needed a cup of coffee or two after watching that. let's listen to this from the president, guys and then, john, i want your thoughts on this one. >> does anybody out there think that the big problem we had is that there was too much oversight and regulation of wall street? because if you do, then governor romney is your candidate. >> did he, john, miss an opportunity to go further with the banks there? >> i mean, that was one of i think president obama's better lines in the debate because he was calling out in a limited way and halting way all of a sudden mitt romney saying that the problem with the dodd-frank was that it was a big kiss to the new york banks which is itself a surreal etch-a-sketch moment. the president
tax cut across the board. mitt romney never specified the deductions that he discusses and doesn't give specifications on, to say i don't have a tax cut is surreal and the president with malpractice not pushing back on that and demanding specifics. >> some of the president's supporters said he needed a cup of coffee or two after watching that. let's listen to this from the president, guys and then, john, i want your thoughts on this one. >> does anybody out there think that the big...
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>>> you like taxes? i've got taxes for you. christine romans is here to talk about the very serious issue of the fiscal cliff and what it means for your bottom line. literally your bottom line. plug for your show. >> the bottom line is you're going to pay more in taxes next year either because you'll go off the fiscal cliff or because payroll tax is going to expire. taxes are likely rising next year. >> real numbers for people who make certain amounts of money. >> this is the fiscal cliff only. if you make $20,000 to $40,000, your taxes will go up, $1,231. move out with me, $40,000 to $64,000 a year, a $2,000 tax bill right there. $2,000. $64,000 to $108,000, 3,500 more in taxes you're going to pay. take a look at $108,000 and up, another $14,000 in taxes. you can see the more money you take, the more you're going to pay in taxes if the u.s. goes over the fiscal cliff. what's a fiscal cliff? it's a huge tax increase, huge tax increases and huge spending cuts that hit at beginning of january. the bush tax cuts would go away, the
>>> you like taxes? i've got taxes for you. christine romans is here to talk about the very serious issue of the fiscal cliff and what it means for your bottom line. literally your bottom line. plug for your show. >> the bottom line is you're going to pay more in taxes next year either because you'll go off the fiscal cliff or because payroll tax is going to expire. taxes are likely rising next year. >> real numbers for people who make certain amounts of money. >>...
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the tax base works. and you can -- >> but i have to -- >> no. >> but you haven't given me the math. i don't have the -- it would take me too long to go through all the math. >> too long to go through the math, he says. but ryan did go on to hint, didn't promise, but he hinted that a romney administration would look at tax loopholes enjoyed by the wealthy. here's that. >> when you close a tax write-off or tax shelter for a higher income person, more of their income is subject to taxation so you can lower tax rates. that's where we begin. where we go is by denying those deductions and loopholes to higher income people, which allows us to lower tax rates for everybody across the board and still afford important preferences for the middle class taxpayers. >> there you have paul ryan on taxes. we expect some of the comments to pop up come wednesday night during the debate in denver, the very first presidential debate here of this election season. and i want to go to chief white house correspondent jessica yel
the tax base works. and you can -- >> but i have to -- >> no. >> but you haven't given me the math. i don't have the -- it would take me too long to go through all the math. >> too long to go through the math, he says. but ryan did go on to hint, didn't promise, but he hinted that a romney administration would look at tax loopholes enjoyed by the wealthy. here's that. >> when you close a tax write-off or tax shelter for a higher income person, more of their income...
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how in lord's name can they justify raising taxes with these tax cuts? >> vice president biden just today said that the middle class over the last four years has been, quote, buried. we agree. that means we need to stop digging by electing mitt romney the next president of the united states. of course the middle class has been buried. they're being buried by regulations. they're being buried by taxes. they're being buried by borrowing. they're being buried by the obama administration's economic failures. >> reporter: romney campaign put together a conference call to draw attention, more focus to the comments by the vice president. the obama campaign pushed back saying this was just another act of desperation and what the vice president was talking about were -- were situations or a climate that was put in place by the failed policies of the former administration. i'll tell you what, at the very next event during his remarkings, the vice president did touch on the same subject but left out the word buried. soledad? >> walk us through the logistics of toni
how in lord's name can they justify raising taxes with these tax cuts? >> vice president biden just today said that the middle class over the last four years has been, quote, buried. we agree. that means we need to stop digging by electing mitt romney the next president of the united states. of course the middle class has been buried. they're being buried by regulations. they're being buried by taxes. they're being buried by borrowing. they're being buried by the obama administration's...
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how in lord's name can they justify raising their taxes with these tax cuts? >> a tweet from mitt romney says this, agreed with @joe biden, the middle class has been buried last four years which is why we need a change in november. let's bring in chief political analyst gloria borger. channel in vice president joe biden right now. what was he trying to say obviously didn't come across as he clearly would like. >> well, what he was clearly trying to say and the obama campaign was quick to point this out is that what he was trying to say is that the middle class was buried urntd george w. bush and that's what started the problems for the middle class and that the obama administration has started to pull it out by its boot straps. and so the obama campaign just in case we didn't get that has a statement that says that the romney campaign is taking this entirely out of context. it's obviously in looking at the full transcript that joe biden was talking about the fact that the middle class was buried under failed bush policies. and of course they say romney/ryan wo
how in lord's name can they justify raising their taxes with these tax cuts? >> a tweet from mitt romney says this, agreed with @joe biden, the middle class has been buried last four years which is why we need a change in november. let's bring in chief political analyst gloria borger. channel in vice president joe biden right now. what was he trying to say obviously didn't come across as he clearly would like. >> well, what he was clearly trying to say and the obama campaign was...
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now, as for those specifics on taxes, i go back to the last time we successfully had major tax reform which was in 1986 with ronald reagan as president. he didn't come out with all the specifics. he worked with the congress behind the scenes, and they achieved meaningful tax reform because they kept those discussions private, they didn't draw public lines in the sand and therefore, they emerged successful. successful pattern to follow, ronald reagan's. on the other hand, you had the debt limit talks in 2011 where president obama in the middle of talks never, until this day, has gotten specific. we don't know if he offered to raise the medicare retirement age. we don't know how much he said he would cut medicare and enact entitlement reform. so he did the opposite. he went into a serious negotiation not as a candidate but as the president and never got specific. it's one of the reasons we never got a big debt limit deal. so i think mitt romney actually is following the reagan pattern. the question is who when it comes to real negotiation with congress will follow through and get it don
now, as for those specifics on taxes, i go back to the last time we successfully had major tax reform which was in 1986 with ronald reagan as president. he didn't come out with all the specifics. he worked with the congress behind the scenes, and they achieved meaningful tax reform because they kept those discussions private, they didn't draw public lines in the sand and therefore, they emerged successful. successful pattern to follow, ronald reagan's. on the other hand, you had the debt limit...
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there are going to be tax cuts because mitt romney proposes to cut 20% off everybody's taxes across the board. >> not 5 trillion. >> but it adds up to 4.9 the ten years that the number the president was citing. that assumes no revenue coming from anywhere else. mitt romney says that is not the right assumption. if i cut taxes across the board and more money into piedmont acre pockets and spend more and have a lower tax rate and have more jobs and more own. >> stimulate the economy. >> and more money will come in. >> that is where the disagreement was. >> mitt romney does have some plans for cutting loopholes and some of these -- >> right. . he says we cut taxes and close loopholes and it becomes revenue neutral and president cited another studying saying you have to raise taxes on the middle class. that is why this becomes so hard to fact check one of these because they are both sort of saying things that are kind of true. >> let's switch to jobs. this doesn't have to do with the debate necessarily last night but it's critical. we have the big monthly jobs report tomorrow and we have so
there are going to be tax cuts because mitt romney proposes to cut 20% off everybody's taxes across the board. >> not 5 trillion. >> but it adds up to 4.9 the ten years that the number the president was citing. that assumes no revenue coming from anywhere else. mitt romney says that is not the right assumption. if i cut taxes across the board and more money into piedmont acre pockets and spend more and have a lower tax rate and have more jobs and more own. >> stimulate the...
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what $5 trillion tax cut? i don't know anything about a $5 trillion tax cut. pay no attention to that tax cut under the carpet behind the curtain. when he's asked how he'll cut the deficit, he says he can make the math work by eliminating local public funding for pbs. now, by the way, this is not new. this is what he's been saying every time he's asked the question. well, we can cut out pbs. so for all you moms and kids out there, don't worry. somebody's finally getting tough on big bird. you know, who knew he was driving our deficit? so we're going after -- he's decided we're going after big bird and elmo's making a run for the border and oscar's hiding out in the trash can and governor romney wants wall street to run wild again but bring down the hammer on sesame street. look, that is not leadership. that's salesmanship. we can't afford it. we can't afford to double down on top down economics. we can't afford another round of tax cuts for the wealthy. we can't afford to roll back regulations on wall street banks or on insurance companies. we can't afford to
what $5 trillion tax cut? i don't know anything about a $5 trillion tax cut. pay no attention to that tax cut under the carpet behind the curtain. when he's asked how he'll cut the deficit, he says he can make the math work by eliminating local public funding for pbs. now, by the way, this is not new. this is what he's been saying every time he's asked the question. well, we can cut out pbs. so for all you moms and kids out there, don't worry. somebody's finally getting tough on big bird. you...